ÁKK sells combined HUF 32 bln of 12-month bills and floaters at auction

Debt

The Government Debt Management Agency (ÁKK) sold HUF 20 bln of 12-month T-bills and sold HUF 12 bln worth of five-year floaters at auction on Thursday, both in line with plans.

The debt manager sold HUF 20 bln of discount twelve-month T-bills, as planned. Bids came to HUF 32.2 bln, down from 47 bln at the previous auction on December 4. ÁKK cut its offer by HUF 10 bln from the HUF 30 bln it had offered at the previous three auctions.

Average yield was 1.55%, 5bp higher than the secondary market benchmark and 22bp lower than the yield at the previous auction of the bills two weeks earlier. Yields ranged between 1.50% and 1.62%.

ÁKK sold the originally offered HUF 12 bln of five-year floaters at the auction after receiving bids worth HUF 35 bln from primary dealers. The average auction price of the five-year floaters rose for the second auction in a row, to 97.35% from 97.25% at the previous auction of the bonds on November 20.

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